Mexico-based human resources technology provider GINgroup is looking to invest in up to nine startups over the next 18 months through a corporate venturing unit called GINcapital, El Economista has reported.
The fund will back early-stage technology startups with investments of between MXN$2m to MXN$10m ($100,000 to $500,000) and will focus on startups situated in Latin America and the US that can positively impact Mexico.
GINcapital will provide entrepreneurs with seed capital, resources and mentoring from experts to support their development. Raúl Beyruti Espinosa, president of GINgroup, said: “We want to be a strategic partner of startups, incorporating them into our marketing channels and business opportunities.”
Diego Armenta, a former director of research at the Mexican association of private equity and venture capital funds (Amexcap), will lead GINcapital, which has already provided support to companies including payment services provider PagoFácil.